Archive for August, 2010

Jefferson Park Neighborhood Association is sponsoring a forum called ” The State of Real Estate in Jefferson Park”.

As a participant in the forum, I have prepared a review of the Real Estate Market for both Single Family Homes and Attached Homes which is primarily the condo and townhouse market.

In doing the analysis I decided it would be best to go back to 2008 and then look forward to the current real estate market in 2010.

Jefferson Park Single Family and Attached Home Sales Data:

As the data indicates there were very few Short Sales and no Foreclosures in Jefferson Park in 2008.

In 2009 the Real Estate Market began to change and Jefferson Park was not immune to these changes.

The number of Short Sales doubled from 7 in 2008 to 15 in 2009. The number of Foreclosures also jumped from 0 in 2008 to 20 in 2009.

While both these numbers are low in comparison to the total number of property being sold they do represent a shift in attitude to buyers. Between 27-30% of all sales in 2009 were distressed properties.

Finally in the first 7 months of 2010, the percentage of distressed sales increased to 37% for Single Family homes and 55% for all Attached Family homes.

One of the more postive signs in Jefferson Park is home values. Home values appear to be stabilizing. The average price of a home is $264,321 in 2010 compared to $270,378 in 2009. This is a modest decline of only 2%.

Attached home prices on the other hand are not doing as well. Over the past two years, the average Attached home prices has dropped from a high of $219.428 in 2008 to $152,149. This represents 14-19% drop in price each year from 2008-2010.

Jefferson Park Residential Sales Data from 2008 thru 2010:

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

Property Type

Year

Total Sales

Short Sales

Foreclosures

% of Total Sales

Market Time

Avg Sale Price

% +/ –

SF

2008

101

7

0

7%

178

$323,300

DNA

Attached

2008

38

1

0

3%

154

$219,428

DNA

Property Type

Year

Total Sales

Short Sales

Foreclosures

% of Total Sales

Market Time

Avg Sale Price

% +/ –

SF

2009

131

15

20

27%

155

$270,278

-16%

Attached

2009

27

5

3

30%

205

$187,898

-14%

Property Type

Year

Total Sales

Short Sales

Foreclosures

% of Total Sales

Market Time

Avg Sale Price

% +/ –

SF

2010

73

11

16

37

107

$264,321

-2%

Attached

2010

20

2

9

55%

189

$152,149

-19%

Jefferson Park Real Estate For Sale

Currently there are 130 single family homes and 74 attached homes for sale in Jefferson Park.

The real estate market is a buyers market in Jefferson Park.

The average market time is 217 for Single Family Homes and 282 days for Attached homes.

The average List price of a Single Family home is $313,000 and $180,907 for Attached homes.

The number of Shorts Sales represents 15-19% of all active listings for sale.

Jefferson Park Real Estate For Sale: Active Listings

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

As the saying goes its not over until the fat lady sings and I can say that now after waiting 13 long months for a short sale listing of mine to close.

While this might not be the longest time in record for a short sale to close it has become one of the best success stories of the year for me and everyone I have been involved with over the past 13 months.

In order to get to closing we had to over come a lot of obsticles which included 4 liens and 2 personal bankruptcy for the sellers involved in this transaction.

We were able to get all liens satisfied and then had to go to bankruptcy court to get the final approval to close.

I want to thank everyone involved because without them this would not have ever closed.

First we had a buyer who really wanted to buy the home.

A Supportive Family who were willing to assist the buyers financially and emotionally throughout the process.

A Lender who was able to get creative with a local bank and get the buyers financing.

A Buyer agent who kept the buyers interest first and had the courage to trust this deal would close.

A Short Sale Negotiator and Real Estate Attorney who worked with the Seller to get all of the liens satisfied. I think I over heard the Real Estate Attorney say that 27 different HUD-1 were reveiwed before getting final approval from the lender.

The final thanks goes out to the seller for trusting all involved that we could get this Short Sale approved and closed and prevent a Foreclosure on their record.